Archives For inflated sales price

Selim Zherka, 47, businessman, Somers, New York, pled guilty to conspiring to make false statements to a bank in order to receive millions of dollars in loans and to file materially false tax returns with the IRS.  As part of his plea agreement, Zherka agreed to forfeit $5.23 million.

According to the Superseding Information filed in White Plains federal court and other court documents filed in the case:  From December 2005 through the present, Zherka conspired with others to obtain $63.5 million in loans from Sovereign Bank (now Santander), for the purchase and/or refinancing of apartment house complexes in Tennessee by lying about the purchase price of the real estate he was acquiring and the amount of the down payment he was making toward the purchase in question. Continue Reading…

Ayman Shahid, 39, Danville, California, pleaded guilty in federal court in Oakland, California to conspiracy to commit bank fraud.  Shahid is the most recent and highest placed individual charged by the Northern District of California U.S. Attorney’s Office as a result of a wide-ranging investigation by the FBI into mortgage fraud in connection with the sale of homes by Discovery Sales, Inc. (DSI), and its affiliates.

Shahid, was the president of DSI, which was the sales arm of affiliated residential construction companies, including Discovery Home Builders and Albert D. Seeno Construction Co.  According to Shahid’s plea agreement, DSI was created to sell new homes built by Discovery Builders, Inc. (“DBI”), Albert D. Seeno Construction Co., Inc. (“AD Seeno”), and other entities affiliated with Albert Seeno III and the Seeno family.  The homes were built in developments throughout the East Bay Area of California, including in Contra Costa and Alameda Counties. Continue Reading…